Pay attention! The bull could be running out of steam
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Pay attention: The bullish narrative is changing
The bullish narrative has changed from mainly flow driven in the beginning of November (it was the perfect storm...) to now being more centered around momentum and seasonals. It is something along the lines of "strength begets strength". Needless to say, this is a much weaker narrative and we are now looking for short opportunities. Let's first examine the current bullish narrative and then look at the risks.